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Halifax launches prize draw to pay off your mortgage in full – but should you apply?

Three lucky mortgage holders could see their debt wiped out

Halifax launches prize draw to pay off your mortgage in full – but should you apply?

Imagine taking out a mortgage, and then a few months later, it’s paid off in full. What’s more, it’s your bank that’s cleared the biggest debt you’ll ever have.

That dream could be a reality for the three lucky people who win Halifax’s new prize draw.

The high-street lender has launched a new competition for people applying for a mortgage between 5 November and 30 December, with entrants in for a chance to have up to £300,000 of their mortgage paid off.

A £1,000 cash prize is available for 100 runners-up.

We explain exactly how the prize draw will work, who is eligible, and how Halifax’s mortgage range compares if you’re looking for a great mortgage deal.


Halifax mortgage prize draw: the details

To be eligible for the draw, you need to be buying a home, remortgaging or an existing Halifax customer changing those named on the mortgage.

The qualifying application period is between 5 November and 30 December, but there are more dates to be aware of. You need to register for the prize draw by 31 January, and you have to complete your mortgage by 31 March 2019.

The draw takes place on 15 April 2019, when the lucky winners will be announced.

The maximum payment Halifax will make towards your mortgage is £300,000. So, if you borrow more and win the prize draw, your balance will be reduced by that amount and you’ll continue to make repayments.

The prize draw is open to customers of Halifax and Bank of Scotland.

Is Halifax a good lender?

Every year, Which? surveys thousands of mortgage customers, asking them to rate how satisfied they are with their lender.

This year, Halifax finished 8th out of 23 mortgage lenders, with an overall customer satisfaction score of 71%.

Customers praised the application process, but only gave it three stars out of five for its customer service.

Which? analysis has found that Halifax offers far fewer cheap mortgages than the average lender.

In order to work this out, our experts analysed thousands of mortgages over a four-week period in June and July 2018. They compiled a total of 108 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.

The average number of times a lender made it into a table was 14, but Halifax didn’t feature at all.

Comparing mortgage deals

While the chance of having your mortgage paid off is enticing, this shouldn’t be the sole basis on which you choose a mortgage deal. After all, only one of the thousands of Halifax mortgage customers will actually win this.

It’s more important to choose a mortgage based on the following factors:

  • Cost: as well as the headline interest rate, check the fees for setting up the mortgage and what the lender’s standard variable rate (SVR) is, as this is what you’ll pay at the end of your introductory deal period unless you remortgage immediately.
  • Type of mortgage: if you need stable, predictable payments, opt for a fixed-rate mortgage. But if you’re willing to take the risk that your rate may go up when the base rate or your lender’s SVR changes, a tracker or discount mortgage might work for you.
  • Length of deal period: many mortgages carry hefty early repayment charges, so you should only commit to a long-term deal if you’re reasonably confident you won’t need to move house or leave the mortgage before the end of that period.
  • Likelihood of being accepted: different lenders use different criteria when deciding whether to accept your application. A declined application can make a mark on your credit file, which in turn can increase the chance of other lenders saying no in the future – so take expert advice on which deals and lenders you’re most likely to succeed with.

Get expert mortgage advice

If you’re looking for a new mortgage deal, independent advice can help you find the right path for your circumstances.

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